“We scaled up in 2025, while strengthening our position as a European leader.”
2025 was a pivotal year for the Investment & Protection Services division. Could you tell us more about it?
Renaud Dumora: Our division scaled up. A prime example of this transformation is the acquisition of AXA Investment Managers (AXA IM). With over €1,600 billion in assets under management, BNP Paribas Asset Management is now positioned as a leading European and global asset manager, particularly in long-term asset management. This major transaction brought Investment & Protection Services’ (IPS) assets under management to €2,443 billion at the end of 2025. It marks the beginning of a new phase of growth for our division and will be a powerful driver of the BNP Paribas Group’s development. Leveraging our critical mass in both listed and private assets, our asset management platform now enables us to significantly expand our ability to meet the needs of both individual and institutional investors. More broadly, it allows us to step up our commitment to financing the major environmental, technological and sovereignty transitions.
Our clients benefit from our extensive expertise in long-term savings management, helping them to address the major challenges facing Europe (see page 41). Lastly, AXA IM’s expertise in alternative investment management, built up over decades, enables us to offer a product and service range that is both comprehensive and at-scale. We thus combine complementary, global investment capabilities with expertise across all asset classes to meet the needs of all our clients.
€2,443 billion
This is the amount of assets under management at the IPS division, at the end of 2025, following the acquisition of AXA Investment Managers.
What other achievements stand out for you from the past year?
R.D.: The transformative acquisition of AXA IM should not overshadow the significant progress made across IPS’s other businesses. We finalised the acquisition of HSBC’s private banking activities in Germany, positioning BNP Paribas Wealth Management among market leaders. At the same time, our insurer, BNP Paribas Cardif, continued integrating the life insurance company, Neuflize Vie, as part of the strategic partnership signed in 2024 with Neuflize OBC. As for BNP Paribas Real Estate, despite continued weakness in the real estate market, it began rolling out its new roadmap to position in anticipation of the upturn, when it comes. More broadly, all our businesses are making progress in integrating new technologies, notably through the roll-out of an increasing number of artificial intelligence (AI) use cases. Lastly, we remain on track with our ESG objectives and are continuing to pursue our sustainability strategy, driven by a commitment to providing our clients with increasingly sustainable solutions. Overall, we have successfully capitalised on business opportunities, accelerated our transformation and completed strategic acquisitions.